you have merkel coming into an election you have uncertainties about the regime in spain. you've got problems all over the place politically. so i think where the last year was mainly a risk of banks and economics, to the degree there's a european risk this year i think it's more political. >> we always call you a vulture. in this country where the markets have done, is there anything attractive left in the united states for you? >> well, i would rather share the view that roger had a bit earlier. i think if anything the economy is more likely to accelerate in 2014. so i don't think things are grotesquely overvalued in terms of equity. where i would be very weary would be bonds. if the 10-year treasury reverts back just to its average yield from 2000 through 2010, do you know how much it will go down? 23%. 23%. that's a huge risk. so we've been advising friends it's not worth getting a few extra basis points to take that kind of down side risk for a year or two while bernanke keeps this quantitative easing going. we're recommending people not be in long-term debt of any ki